September 27, 2022 14:40 ET | Source: Custom Market Insights Custom Market Insights
Sandy, Utah, USA, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled "Cannabis Infused Beauty Products Market Size, Trends and Insights Product Type (Oils, Creams, Serum, Cleansers, Others), Category (Organic, Conventional), Distribution Channel (Hyper Markets, Supermarkets, Convenience Stores, Specialty Stores), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030" in its research database.
"According to the latest research study, the demand of global Cannabis Infused Beauty Products Market size & share was valued at approximately USD 5.45 Billion in 2021 and is expected to reach a value of around USD 8.86 Billion by 2030, at a compound annual growth rate (CAGR) of about 5.5% during the forecast period 2022 to 2030."
The cannabis infused beauty product market mainly deals with the skin care segment, which includes cannabinoids and their medicinal properties. The huge benefits obtained with the usage of cannabis infused beauty products have helped the market record considerable revenue over some time. The cosmetic market has received a huge acceptance from potential buyers, which proved to be a positive impact on the growth phase of the market and is foreseen to benefit the size of the market during the forecast period.
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The recently introduced beauty products in this sector have focused on improving their quality to provide faster results in a shorter period.
The geographical area of North America has emerged as the fastest growing market for cannabis infused beauty products about the huge demand and supply experienced by this sector. The huge demand for cannabis infused beauty products among the people in this region has helped the market show considerable growth and is expected to continue similarly in the future. The European market has also grown considerably due to the huge demand for aesthetic appearance and spotless skin. The use of cosmetics in these countries has increased tremendously, which has helped to boost the market.
The organic value of cannabis infused beauty products has attracted potential buyers who aim at minimum side effects while using advanced beauty products to obtain maximum benefits. Further, many countries have offered legalization of the use of cannabis products which has boosted the size of the market tremendously. The region of Asia Pacific has shown steady growth, which is quite slow as a result of the strict restrictions which are imposed on the use of cannabis products.
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The extensive research and development carried out by the key market players to introduce advanced cosmetic products into the market have behaved as a major driving factor for the growth phase of the market. The numerous health benefits offered by cannabis infused beauty products, such as anti-aging and cancer prevention, prove to be an attractive feature that is presented by the market to increase the demand and supply of these products. The advanced healing properties against inflammatory conditions have also helped to support the market's growth during the forecast period. These multiple factors will prove to be the driving forces for this market.
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The key market players faced a major restraint with the appearance of side effects after the usage of cannabis infused beauty products. The consumers presented complications such as itching, skin peeling, and swelling after the usage of cannabis infused beauty products which proved to be an obstacle to the market's growth. This makes the consumers less confident regarding the effect of these beauty products. The lack of variety among cannabis infused beauty products hampers the market's growth to a great extent.
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Many countries have crossed the world have legalized the usage of cannabis infused beauty products which have proved to be a great opportunity for many key market players to increase the sales and supply of products. This has encouraged the introduction of many new products into the market. The key market players invest huge amounts in taking advantage of these opportunities.
Various skin care products have been launched into the market for particular skin disorders, which confuses the consumers in making a perfect selection. The initial steps of this market word were challenged by the existence of the various side effects, which presented themselves as a restraining factor.
Many countries have laid down strict rules and regulations regarding the use of cannabis infused beauty products, which have greatly hampered the market's growth. These multiple reasons have the talent for the market's growth during the forecast period.
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On the basis of category, organic beauty products have shown a considerable increase in demand pertaining to the lesser number of side effects that have been experienced by potential buyers. The increasing awareness regarding the healthcare sector and the side effects which appear after usage of chemically formulated applications has boosted the demand for the organic segment of cannabis infused beauty products.
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On the basis of product type, moisturizers and creams have shown the maximum demand in the present market as a result of the huge sales and supply which has been experienced over the counter pertaining to the habit of self-prescription and drugging which exists among the people.
The increasing popularity of having a spotless appearance among people has boosted the demand for creams and moisturizers. Advanced properties such as cancer prevention provided by these cannabis infused beauty products have presented themselves as a major driving force for the market.
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On the basis of distribution channels, hypermarkets and supermarkets have presented the maximum demand and supply owing to the huge variety of selections which is kept at the disposal of potential buyers. On the basis of geography, the North American market has presented the largest share pertaining to its heavy consumption of cannabis infused beauty products.
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Many advanced anti-aging applications which include creams and lotions have been launched by Ovation science, which is a skincare company. The manufacturers have mainly made use of cannabanoid derivatives known as ARLO beauty. The introduction of new products into the market has helped the company to increase its limits considerably.
Skincare products and cosmetics were offered by the beauty store of Ulta beauty, which is a famous chain for cosmetics and beauty products.
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Segments covered in the report on cannabis infused beauty products
On the basis of Product Type
On the basis of Category
On the basis of the Distribution Channel
On the basis of Geography
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